Bharati Shipyard ups offer for Great Offshore | business | Hindustan Times
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Bharati Shipyard ups offer for Great Offshore

ABG Shipyard is expected to better Bharati Shipyard Ltd’s revised offer price for Great Offshore Ltd shares. See graphic

business Updated: Sep 18, 2009 00:22 IST

ABG Shipyard is expected to better Bharati Shipyard Ltd’s (BSL) revised offer price for Great Offshore Ltd (GOL) shares. Bharti, on Wednesday, increased its offer price to Rs 560, up 62 per cent from its original offer of Rs 344 in June.

Dhanshree Properties Pvt Ltd (DPPL), acting in concert with BSL and Natural Power Ventures Pvt Ltd (NPVPL) acquired 3.01 per cent or 11,16,167 equity shares, of Great Offshore on Wednesday at an average of Rs 558.8 per share.

On Wednesday, The BSL-lead PAC (persons acting in concert) acquired 7.5 lakh shares on the Bombay Stock Exchange and 3.6 lakh shares on the National stock exchange, aggregating to 11.1 lakh shares of GOL.

The highest price paid for some share was Rs 560. Accordingly, the offer price of the open offer was revised to Rs 560 per share. With this acquisition, DDPL, BSL and NPVPL now hold 22.48 per cent in GOL.

The development, which revised the offer price from its July 4 rate of Rs 405 to Rs 560 per share, prompted ABG Shipyard on Thursday to say that it might counter the offer. The buyout battle for the oil rig and offshore platform of the $440 million (Rs 2,115 crore) company has been on since June 2009, witnessing offer price jump initial Rs 344 per share to the current Rs 560.

Initially, Bharati had made an open offer for 20 per cent shares of GOL after buying 15 per cent stake in the company. ABG Shipyard has since given a counter offer and raised its offers at least once. The present offer of BSL is almost 8 per cent higher than ABGs last revised price of Rs 520.

As per NSE data, Videocon Industries offloaded 2.2 lakh shares in GOL at about Rs 557 per share share.